PARIS -- (MARKET WIRE) -- 09/06/2006 -- Strong growth momentum

Half year 2006 results (H1-06 compared with H1-05)

- Gross operating income EUR 3,177 million (+42.4%)

- Net income (Group share) EUR 2,669 million (+43.1%)

- Annualised ROE after tax 19.0%

Second quarter of 2006 results (Q2-06 compared with Q2-05)

- Net banking income EUR 4,171 million (+20.5%)

- Cost/income ratio 59.8% (-5.3 pts)

- Net income (Group share) EUR 1,284 million (+33.8%)

Crédit Agricole S.A.'s net income (Group share) for the first half of 2006 came to EUR 2,669 million, an increase of 43.1% compared with the same period in 2005.

This performance, which was achieved in a generally healthy business climate, reflects robust growth in all business lines, an improved cost/income ratio and significant improvement in ROE.

Gross operating income was EUR 3,177 million, up 42.4% compared with the first half of 2005. This strong growth was thanks to:

- a 22.0% increase in net banking income to EUR 8,166 million, driven by an excellent performance in all business lines, particularly corporate and investment banking, asset management and insurance;

- tight control of operating expenses against the backdrop of significant expansion and continued investment. Operating expenses totalled EUR 4,989 million, an increase of 11.8% compared with the first half of 2005.

As a result, the cost/income ratio improved significantly, decreasing by 5.6 points to 61.1%.

Risk-related costs (-EUR 295 million) remained low (25 basis points of risk-weighted assets), under continuing favourable conditions.

The contribution from equity affiliates came to EUR 888 million in the first half of 2006, an increase of 20.3% year-on-year, thanks in particular to the performance of Banca Intesa (up 21.7%) and the inclusion in the first quarter of 2006 of Eurazeo's exceptionally high 2005 income (EUR 70 million).

Net income (Group share) was EUR 2,669 million (up 43.1%), yielding annualised ROE of 19.0% (compared with 15.9% in the first half of 2005 and 15.8% in 2005 excluding integration-related costs).

In the second quarter of 2006, the strong growth in all business lines is continuing, with record net banking income (up 4.4% compared with the exceptionally high level of the first quarter of 2006 and up 20.5 % compared with the second quarter of 2005).

Operating expenses, still tightly controlled, increased by 10.7% compared with the second quarter of 2005, half the rate of growth in net banking income. As a result, gross operating income moved up 38.8 % compared with the second quarter of 2005 and 11.5% compared with the first quarter of 2006.

The cost/income ratio improved just as significantly, reaching an all-time low of 59.8%.

Risk-related costs remained low (28 basis points of risk-weighted assets).

Net income (Group share) was EUR 1,284 million, an increase of 33.8% compared with the second quarter of 2005.

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